Prosecutors Summon Choi Chi-hoon, Chairman of Samsung C&T, for Investigation into 'Merger and Succession Allegations'

[Asia Economy Reporter Song Seung-yoon] The prosecution investigating the merger allegations between Samsung C&T and Cheil Industries summoned Choi Chi-hoon, chairman of the Samsung C&T board, on the 11th.

The Economic Crime Division of the Seoul Central District Prosecutors' Office (Chief Prosecutor Lee Bok-hyun) summoned Chairman Choi in the morning for questioning. The prosecution is expected to focus on whether there were any instructions from the 'higher-ups' regarding the decline in Samsung C&T's value during the 2015 merger between Samsung C&T and Cheil Industries.

The prosecution suspects that the Samsung Group deliberately lowered Samsung C&T's company value by reducing performance such as overseas construction orders right before the merger in order to set a merger ratio favorable to Vice Chairman Lee.

Regarding the merger allegations, the prosecution has been accelerating the investigation by consecutively summoning former Samsung Future Strategy Office President Kim Jong-joong, former Deputy Director Jang Chung-gi, and former Director Choi Ji-sung. The prosecution is expected to summon Vice Chairman Lee soon.